HSBC moves private bank boss Chris Meares to Asia

The head of HSBC's private banking business has become the latest of the
bank's senior managers to move from London to Hong Kong.

By Harry Wilson

6:00AM BST 22 Oct 2010

Chris Meares, chief executive of global private banking at HSBC, will move out to Hong Kong as part of a reshuffle of the division's management, though the business's will remain headquartered in London.

HSBC Hldgs

Mr Meares move to Hong Kong follows that of HSBC chief executive Michael Geoghegan at the start of the year.

Since then several senior HSBC managers have moved out to Hong Kong, while Stuart Gulliver, who will takeover as chief executive from Mr Geoghegan in January will also move from London to Hong Kong.

Mr Gulliver, who currently runs HSBC's global investment banking business as well as its European operations, has spent much of his career in Asia.

Speaking recently, he refused to confirm whether HSBC's headquarters would remain in London, with speculation growing that the bank could return to its historic home.

In September, Mr Gulliver said he was "genuinely concerned" that the Government-appointed Independent Banking Commission could recommend the separation of retail and investment banking businesses.

Hong Kong is keen to promote itself as an alternative to London and the senior officials from the city have been visiting the UK to promote the advantages of moving business there.

Standard Chartered, which has large Asian operations, is also seen as another bank that could move its headquarters out of London and its chief executive, Peter Sands, has made clear his concerns over the increasing amount of regulation in Europe and the UK.

HSBC's decision to move of its private banking head to Asia in large part reflects the opportunities the bank sees in capturing a larger slice of Asia's growing wealth.

In a statement yesterday, HSBC said Mr Meares, along with the other management changes in its private bank was part of a strategy to "take advantage of the entrepreneurial wealth creation taking place in emerging markets".